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Crypto Markets Slump Following Disappointing US Jobs Report

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Total market value slipped 2% on the day as most large-cap tokens traded lower.

Crypto markets opened the week on softer footing, with prices slipping lower after last week’s brief rebound.

On Monday, Feb. 16, Bitcoin (BTC) was trading around $67,500, down about 2% on the day and 1.7% over the past week, though it briefly rallied to $70,000 earlier today.

Since dropping to as low as $60,000 the first week of February, BTC has mostly been trading in a tight range between $68,000-$70,000. Trading volumes remained around $40 billion over the past 24 hours, suggesting active but indecisive positioning.

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BTC 1-month price chart. Source: CoinGecko

Ethereum (ETH) is down slightly more over the past 24 hours with 3% losses, while down 3.5% on the weekly timeframe.

Total crypto market capitalization fell 2% over the past 24 hours to $2.39 trillion, with most of the top-10 tokens moderately lower on the day. TRON (TRX) was the lone exception, posting slight gains on the day, while Dogecoin (DOGE) lost the most, down 7.5% in the past 24 hours, but still nearly 7% in the green on the week.

‘Macro Hedge Narrative Remains Challenged’

Despite pockets of resilience, analysts continue to flag a lack of strong directional conviction. In a Monday note, analysts at Keyrock said Bitcoin remains tightly correlated with risk assets.

“Our Take: Bitcoin continues to trade as a high-beta extension of tech, struggling to decouple during growth-led drawdowns,” Keyrock wrote. They added:

“Rather than hedging fiat risk, its rising correlation with software stocks continues to weaken its diversification case. Until it begins responding inversely to dollar weakness, its macro hedge narrative remains challenged.”

As for the Crypto Fear & Greed Index, it still remains in “extreme fear” territory, where it’s been for most of the past month.

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Big Movers and Liquidations

Looking at the top-100 assets by market cap, Cosmos (ATOM) led gains on the day, up just 2.4%, followed by Bittensor (TAO), which rose 1%.

On the downside, Rain (RAIN) slid over 8%, while Dogecoin was today’s second biggest loser among large-caps after its recent outperformance.

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DOGE 7-day price chart. Source: CoinGecko

According to CoinGlass data, total liquidations of $232 million over the past 24 hours, with long positions accounting for roughly $159 million. Bitcoin and Ethereum liquidations were nearly even, with $105 million and $90 million, respectively.

ETFs and Macro Conditions

Flows into U.S. spot crypto exchange-traded funds remained negative on a weekly basis, despite a net positive day on Friday.

According to SoSoValue data, last week, spot Bitcoin ETFs recorded net outflows of nearly $360 million, similar to the previous week’s total, bringing total net assets at $87 billion by Feb. 13.

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Spot Ethereum ETFs also posted weekly outflows of $161.2 million, with total net assets of $11.7 billion.

On the macro front, revised labor data reinforced caution. The U.S. Bureau of Labor Statistics revealed on Friday, Feb. 13, that employers added just 181,000 jobs in 2025. That is far below the previously estimated 584,000 and the 1.46 million added in 2024.

Meanwhile, the U.S. Treasury Secretary Scott Bessent said on Friday in an interview for CNBC that Congress should advance the CLARITY Act to set federal rules for digital assets, calling it a source of “great comfort” for markets, while cautioning that bipartisan support could weaken later this year.

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Crypto World

Ether May Retest $2.5K Soon If This Pattern Plays Out

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Cryptocurrencies, Ethereum, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Futures, Market Analysis, Altcoin Watch, Ether Price, Liquidity

Ether (ETH) opened the week with a drop below the psychological $2,000 level, placing the altcoin into a 20% loss for February. Still, onchain data shows long-term investors accumulating ETH and rising network usage. 

Now, analysts are examining how ETH’s technical outlook and the derivatives data align with its emerging demand to determine if a prolonged rally above $2,000 is possible.

Key takeaways:

  • Over 2.5 million ETH flowed into accumulation addresses in February, lifting holdings to 26.7 million for 2026.

  • Ethereum weekly transactions hit 17.3 million as the median fees fell to $0.008, a 3,000x drop from 2021 peaks.

  • ETH open interest dropped to $11.2 billion, but leverage remains elevated, with liquidation clusters stacked near $1,909 and $2,200.

Ether accumulation grows despite price drop

Ether accumulation addresses added more than 2.5 million ETH in February, even as the price declined about 20%. Total holdings have risen to 26.7 million ETH, up from 22 million at the beginning of 2026.

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Cryptocurrencies, Ethereum, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Futures, Market Analysis, Altcoin Watch, Ether Price, Liquidity
ETH balance on accumulation addresses. Source: CryptoQuant

MN Capital founder Michaël van de Poppe noted that ETH valued against silver is at its lowest level on record, arguing that such difficult market phases often present a long-term accumulation window.

The network demand is also improving alongside improving fundamentals. Over 30% of ETH’s circulating supply (37,228,911 ETH)  is currently staked, reducing the liquid supply. At the same time, weekly transaction count reached an all-time high of 17.3 million, while median fees fell to $0.008.

Cryptocurrencies, Ethereum, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Futures, Market Analysis, Altcoin Watch, Ether Price, Liquidity
Ether total value staked. Source: CryptoQuant

In comparison, head of research at Lisk, Leon Waidmann, noted that the weekly transactions were near 21 million, but the median fees surged above $25 during the 2021 peak. The current structure reflects a higher usage at significantly lower cost.

Related: Harvard endowment reduces stake in Bitcoin ETF, adds Ether exposure

ETH compresses below $2,000 as leveraged traders brace for a breakout

On the four-hour chart, Ether appears to be forming an Adam and Eve bottom, a bullish reversal setup that begins with a sharp, V-shaped low (the “Adam”) followed by a slower, rounded base (the “Eve”).

The structure reflects an initial aggressive sell-off that quickly finds buyers, then a period of gradual accumulation as the volatility contracts. 

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Cryptocurrencies, Ethereum, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Futures, Market Analysis, Altcoin Watch, Ether Price, Liquidity
ETH/USDT four-hour chart. Source: Cointelegraph/TradingView

A confirmed breakout above the $2,150 neckline validates the pattern and may open the door toward the $2,473–$2,634 region, based on the measured move projection from the base. The invalidation remains below recent higher lows, with $1,909 acting as a key short-term liquidity level. 

Open interest has declined to $11.2 billion from a $30 billion cycle peak in August 2025. However, the estimated leverage ratio remains elevated at 0.7, only slightly down from 0.77 in January. This suggests leverage is still concentrated in the system, increasing the possibility of a sharp move.

Cryptocurrencies, Ethereum, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Futures, Market Analysis, Altcoin Watch, Ether Price, Liquidity
Percentage of ETH Global accounts long on Binance. Source: Hyblock

Hyblock data shows that 73% of the global accounts are currently long on ETH. Liquidation heatmaps show more than $2 billion in short positions clustered above $2,200, compared with roughly $1 billion in long liquidations stacked near $1,800, highlighting a heavier squeeze risk to the upside.

Although the nearest dense cluster sits at $1,909, where $563 million in longs are vulnerable, which may act as a potential short-term liquidity magnet before the expected uptrend. 

Cryptocurrencies, Ethereum, Markets, Cryptocurrency Exchange, Binance, Price Analysis, Futures, Market Analysis, Altcoin Watch, Ether Price, Liquidity
ETH liquidation map. Source: CoinGlass

Related: Crypto funds log fourth week of outflows at $173M as BTC dips below $70K